NCLT Ahmedabad had approved the lenders plan to global steel giant ArcelorMittal to take over Essar steel. NCLT has suggested that the payment of 42,000 crore rupees by ArcelorMittal purposed to be distributed among Financial and operational creditors in the ratio of 85:15.
The following orders of the Ahmedabad bench have been challenged by Ruia. The matter was discussed with a two-member bench headed Chairman Justice S.J. Mukhopadhyay on Monday evening, which asked it to be taken only after NCLT passes its written order, however, the detailed written order of Ahmedabad NCLT is still awaited.
Essar steel promoters are forcing on one-time settlement by raising the bid to Rs. 54,389 with the lenders and withdrawal of IBC proceedings against the company
The company said, “We are also confident of the legal validity of our said offer made under Section 12A, which provides for the withdrawal from the IBC process by making full payment to the creditors.”